Ministry of Trade, Industry and Energy

Korea’s exports resume growth in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on March 1 that Korea’s exports and imports for the month of February 2025 increased 1.0 percent and 0.2 percent year-on-year, respectively, to USD 52.6 billion and $48.3 billion. The trade balance stood at a surplus of $4.3 billion. By item, semiconductors (down 3.0 percent to $9.6 billion) suffered a downtick despite the solid performance of high-bandwidth memory (HBM) chips and DDR5s, as the fixed price of general-purpose memory chips like DDR4s and NAND flash plunged. Meanwhile, computers (solid-state drives) grew for the 14th consecutive month (up 28.5 percent to $0.8 billion) and wireless communication devices turned to an expansion (up 42.3 percent to $1.5 billion).  Automobile exports (up 17.8 percent to $6.1 billion) snapped their three-month losing streak, fueled by demand for hybrid electric vehicles (HEVs) (up 74.3 percent to $1.3 billion) and bio-health exports (up 16.1 percent to $1.4 billion) were driven by the steep climb achieved by biopharmaceuticals (up 45.5 percent to $0.6 billion). Exports to four out of Korea’s nine major destinations saw growth in February. To China (down 1.4 percent to $9.5 billion), robust demand for wireless communication devices and general machinery offset the slower exports of semiconductors. Exports to the U.S. inched up 1.0 percent to $9.9 billion. Exports to ASEAN hit $9.6 billion (up 12.6 percent), the second highest for the month of February, led by semiconductors and petroleum products. Exports to India (up 18.6 percent to $1.7 billion) recorded an all-time high for the month and those to the Middle East (up 19.6 percent to $1.7 billion) also broke their three-month downward streak.   date2025-03-04

Minister Ahn meets U.S. Trade Representative

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Trade Representative Jamieson Greer on February 28 (local time) in Washington D.C. and conveyed Korea’s stance on U.S. trade measures, discussing measures for stronger bilateral cooperation. date2025-03-04

Minister Ahn meets U.S. Secretary of the Interior

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Secretary of the Interior Doug Burgum on February 28 (local time) in Washington D.C. and discussed measures for stronger cooperation. date2025-03-04

Minister Ahn meets PIIE President

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Peterson Institute for International Economics (PIIE) President Adam Posen on February 28 (local time) in Washington D.C. and discussed Korea’s effective response measures to bilateral trade issues and requested for support towards facilitating intergovernmental cooperation. date2025-03-04

Minister Ahn meets CSIS President and CEO

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Center for Strategic and International Studies (CSIS) President and CEO John Hamre on February 27 (local time) in Washington D.C. and discussed U.S. economic policies and Korea’s response strategies. date2025-03-04

Minister Ahn meets U.S. Secretary of Commerce

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Secretary of Commerce Howard Lutnick on February 27 (local time) in Washington D.C. and discussed stronger shipbuilding cooperation and Korea’s exclusion from U.S. tariff plans. The two sides agreed to establish a working-level consultation channel on tariff issues. date2025-03-04

Korea-Australia Green EPA Business Forum

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Australia Green Economy Partnership Arrangement (EPA) Business Forum on February 26 in Seoul and gave an opening message to the two countries’ business and related reprensentatives including Australian Ambassador to Korea Jeff Robinson. date2025-02-28

Korea-Czech Investment and Business Conference

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended the Korea-Czech Investment and Business Conference and the MOU signing ceremony held between both countries’ businesses and institutions on February 17 in Seoul with the participation of Czech Minister for Industry and Trade Lukáš Vlček, Confederation of Industry of the Czech Republic President Jan Rafaj among other related representatives and business leaders. date2025-02-18

Korea’s automobile exports record 2nd highest for January

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports recorded USD 5.0 billion in January 2025, the second highest for the month.  Hybrid electric vehicles (HEVs) set fresh all-time highs in shipments for January, selling 35,701 units (up 35.5 percent year-on-year) in overseas markets, but the export value dropped 19.6 percent owing to last year’s high base effect and this year’s reduced number of working days (-4) from the long Seollal holidays. Korea’s automobile production amounted to 290,590 units in January, down 18.9 percent. In addition to the lower number of working days and high base effect, the decline is also attributed to temporary production suspension at a car manufacturing plant during the month of January for transitioning to EV production. Domestic sales fell 9.0 percent to 105,928 units. By model type, this year saw increasing demand for sedans whereas SUV sales enjoyed growth last year.   date2025-02-18

Minister Ahn chairs 5th Industrial Investment Strategy meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held the fifth Industrial Investment Strategy meeting on February 12 in Seoul with the participation of Korea’s 10 major manufacturing sectors, the Korea Chamber of Commerce and Industry (KCCI), and the Korea Institute for Industrial Economics & Trade (KIET) to discuss investment performance, investment plans for 2025, and measures to stimulate businesses’ domestic investment. Attending the meeting were representatives of companies including POSCO, S-OIL, and Hyundai Motor.   date2025-02-13